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“If you want NYC salary, work in NYC” – Morgan Stanley CEO

31 pointsby walkedawayalmost 4 years ago

8 comments

chiraualmost 4 years ago
To play devil&#x27;s advocate... there is definitely a reason why a Goldman Sachs employee in NYC earns more than an employee at the same level in Salt Lake City.<p>Your salary is adjusted for cost of living where you are located, amongst many other things. You may not like it, but that&#x27;s how it is. This whole talk about your home office being your space and so should be included in cost, OK cool. You are in West Virginia, a 2 br apt is ~$1000&#x2F;mo, so how much is that home office you are making a fuss about? Say 500, that&#x27;s $6000 a year. That is 2 month&#x27;s rent in NY.<p>Other factors for higher pay in NY are immediate availability for in-person meetings with clients et al. Say what you want, but Zoom meetings will never be equal to in-person meetings for certain professions. Real closers will tell you that.<p>The same reason you feel you deserve more than a guy in India to do your job is the same reason a guy in NYC will tell you they deserve more to do their job.
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theandrewbaileyalmost 4 years ago
That&#x27;s OK. But if I work from home, that means you&#x27;re not paying rent for my office anymore. Where should I send the bill?
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41209almost 4 years ago
Cost of living in New York is so bad, if you have a family it easily makes more sense to make 100 or so in Alabama then to make 200 in New York. New York has extremely punitive taxes so you can&#x27;t just out earn your cost of living
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lucasyvasalmost 4 years ago
The next coming months are crucial.<p>I imagine most members of Hacker News feel like they probably do pretty well financially.<p>Even if you think that way, your quality of life could potentially take a massive leap if you are able to retain your current salary and move to a lower cost area.<p>Don&#x27;t waste a once in a lifetime opportunity for you and your family.
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mytailorisrichalmost 4 years ago
Companies pay the salaries they do because they <i>have to</i> in order to attract and retain employees.<p>If the trend of WFH continues then it&#x27;s inevitable that companies will start reviewing their pay policies if they think they can get away with paying less.
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sunstonealmost 4 years ago
He&#x27;s saying his employees are a commodity and not a valuable asset.
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nunezalmost 4 years ago
Probably said from his _n_th home in Aspen or whatever. Too bad, so sad; we&#x27;ll go elsewhere and still get paid.
angryasianalmost 4 years ago
interesting, a company I worked for always allowed moving, but they did do salary adjustments based on where you moved to.